Business Success Cycle

The REINVENT Stage

Adjusting your business plan to survive and thrive

If you've done business in Wyoming you know about change. To maintain a successful business, you need to be ready to shift direction to meet changing markets, economic conditions, and consumers. At any time during your journey, contact us for assistance!

Summary

How do you develop your idea into something that may turn into a business? Consider the following as a business idea draft:

1. The idea:

What’s your idea?

What will your product or service that you’ll offer be?

Will your business be built from scratch, or do you plan on buying an existing business?

2. Is it feasible?

Do you have the skills or experience to be successful at this business?

Do you know how much money it will take to start?

What are your plans for financing the business?

What are your own strengths and weaknesses? Be honest with yourself.

3. Who’s your market?

Who will be your market?

Who will your competition be and what are their strengths and weaknesses?

If you don’t think you have competition, are you sure? If that’s true, is the product or service really wanted?

What’s unique about your business that will make people want to buy from you instead of this competition?

Tools for the REINVENT stage

Adjusting to a changing business climate

Sell your business – Tools to help you determine what a fair price is for your business and negotiate accordingly

Succession planning – Of the nearly 19 million U.S. family-owned businesses, only 30% of those family-run companies today succeed into the second generation. And only 15% survive into the third generation. A succession plan will help you beat these odds!

Human Resources

Risk Management

Tech Company Services

The Wyoming SBDC Network is funded in part through a Cooperative Agreement with the U.S. Small Business Administration

All SBDC Network programs and services are provided to the public on a nondiscriminatory basis.Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance.Language assistance services for clients with limited English proficiency will be provided.Contact: Greg Jordan at 307.766.3593 or wsbdc@uwyo.edu